BTC loses $700 as Tether TANTRUM threatens 80% price crash

Bitcoin has now fallen to $9,499 a $666 loss on the day to this point.

Indian finance minster arun jaitley used his budget speech today to slam cryptocurrencies and promise that his proper-wing bjp government will do the entirety to stop the usage of bitcoin and different digital currencies in india.

Mr jaitley repeated that india does now not comprehend virtual currencies as legal soft.

He stated: “the government does not recognize cryptocurrency as legal tender or coin and could take all measures to eliminate the usage of those cryptoassets in financing illegitimate sports or as part of the bills machine”.

Monish panda, founding father of monish panda & pals regulation company instructed quartz: “the authorities will now either come out with a legislative mechanism or make suitable modification in present legislation to ensure that dealing and trading in cryptocurrency is made illegal and to penalise entities and folks that are concerned of their exchange and flow.

"we can need to wait and watch as to what's going to be the final framework of such legislation.”